RFE: Iran Walks Out As Russia, Saudis Gain Support For Oil Output Increase
Iran's oil minister has walked away from negotiations with other major oil producers over a significant increase in oil production advocated by Russia and Tehran's archrival, Saudi Arabia.
Iranian OIl Minister Bijan Zanganeh's exit from a meeting in Vienna on June 21 threw into question whether Russia and the OPEC oil cartel will be able to reach agreement on their proposed 1 million-barrel-a-day production increase, the first such rise since the group agreed to freeze production in 2016.
"I don't think we can reach agreement" on the proposal, Zanganeh said as he left the meeting.
The Iranian publication Seda quoted anonymous sources as saying Zanganeh told the other producers that the proposed increase would pave the way for cuts in Iranian oil output that are likely to result from a reimposition of U.S. sanctions against Iran in the fall.
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WNU Editor: Thise OPEC oil production increase is still not going to stop this .... Shale CEO: U.S. To Be The World’s Top Oil Producer By Fall (OilPrice.com).
More News On OPEC Agreeing To An Oil Output Increase With Strong Opposition From Iran
OPEC agrees modest hike in oil supply after Saudi and Iran compromise -- Reuters
OPEC strikes deal to increase oil production -- CNN
OPEC ministers agree to raise oil production but don't say by how much -- CNBC
4 comments:
Not looking too good for Iran haha I think trump was right when he said they'll want to deal sooner or later
The Oil story of the USA is the biggest shock to the worlds stability in decades.
Without the rise of frackers from North Dakota to Pennsylvania to Ohio and down south there would be no President Trump and all he brings. The wealth generated is flowing into those regions and giving hope to places long left for dead.
For the Arabs it has focused precisely who needs who and given Israel huge space to advance its goals against Iran.
It also allows the US to return to its roots of manufacturing using cheap domestic energy and that is partly why there is a trade war underway.
OPEC is a monopoly in its structure and procedures
Mono means one
A collection of countries acting under an umbrella organisation is not a monopoly. ..neither in its structure nor in its procedures. ..but I know what you mean. It's coordinated and agreed price and output manipulation which is typically illegal within a sector in many countries. But not illegal in Iran Russia or Saudi Arabia for that matter :)
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